Ageas Re, the reinsurance division of international insurance group Ageas, achieved growth in its non-catastrophe segment at the January 1st, 2026, renewals, while catastrophe remained stable, as total business written for this renewal increased by 21% when compared to the 1.1 2025 renewal.
On January 1st, 2026, Ageas Re’s in-force book, excluding partnerships, totalled €262 million, with €206 million of this up for renewal. The reinsurer opted not to renew contracts totalling €15 million at 1.1 2026, mostly driven by pricing considerations, meaning that €191 million was successfully renewed, with a variation of €6 million.
“This means that the price deterioration was more than offset by larger shares that Ageas Re was able write on the renewal book, underscoring the brand’s strong reputation and sustained commercial momentum with existing clients, resulting in increased shares in this highly competitive market,” explained the firm.
For the renewal book, Ageas Re achieved a risk-adjusted rate change of -5.3%, highlighting further price softening, with the property portfolio, at -8.6%, seeing the most significant rate movements. However, the casualty book was less impacted.
On top of the renewed business, Ageas Re secured €54 million of new business at 1.1 2026 across geographies, with strong growth in the specialty segment. So, total production for the reinsurer at the January renewal was €250 million, representing 21% growth on the prior year, while the in-force book at 1.1 2026 increased to €306 million, excluding partnerships.
At the renewal, Ageas Re also entered into a new partnership with a UK-based MGA, generating approximately €130 million in income on a multi class book of business, mainly focused on Household insurance. Including this new contract, the firm’s in-force book now stands at €435 million, with total inflows achieved by the reinsurer at 1.1 2026 of €379 million, up 84% on the €206 million at 1.1 2025.
“I would like to thank the team for yet another tremendous effort, strong outcomes that proof our resilience in a difficult market situation and demonstrate strong cycle management. A sincere ‘thank you’ to our clients and partners for their commitment to grow their relationship with Ageas Re,” said Joachim Racz, CEO, Ageas Re.
The firm achieved growth within non-cat property and specialty lines of business at 1.1 2026, while cat remained stable. The property segment achieved notable growth as a result of an accelerated shift towards non-cat lines, with the property cat book showing the most substantial rate reduction overall. However, there was slight growth within property cat, which Ageas Re attributes to portfolio expansion in new business.
In specialty, inflows more than doubled and witnessed a “significant margin contribution”, although a highly competitive market led to less signings on some key accounts for Ageas Re.
The company’s casualty book generated modest top-line growth driven by new treaties outside the UK motor portfolio, with further growth into non-motor lines.
Additionally, Ageas Re also wrote several structured deals across its various lines of business, which is in line with its strategy.
Interestingly, the premium split between non-proportional and proportional continued to evolve at 1.1 2026, from 40% proportional to 47% proportional contracts, which is a reflection of the increased portfolio share of specialty
lines that are often pro rata placements.
Commenting on market conditions at the recent renewal, Ageas Re said: “Following three years of above average returns and insufficient capital returned to shareholders across the sector, the reinsurance market now holds historically high levels of capital while ILS markets raised funds rapidly. This created an environment where supply significantly outpaced growth in demand, notably for “commodity lines” (eg CAT covers). As a result, price softening accelerated between September and December, leading to double-digit rate reductions in many lines of business. Additionally, specialty lines experienced higher-than-anticipated supply, as carriers looked for profitable ways to deploy/allocate their capital. On a positive note, both structures and retentions were largely maintained, staying at the healthy levels consistent with condition seen during the hard market.”
